Australia faces the prospect of paying an extra $870 million for greenhouse gas emissions after Kevin Rudd's ratification of the Kyoto Protocol and a new UN target for carbon pollution. After a year-long review by the UN Framework Convention on Climate Change committee, Australia has been given a tougher target to cut its greenhouse gas emissions.
snip
European cement producers and electricity generators have unloaded carbon credits they do not need because economic growth has crashed.

The Rudd Government's updated forecasts estimate Australian industry will have to pay $23.5billion for carbon emission permits in the first two years of the ETS.

Point Carbon last week estimated the recession sparked by the financial crisis would cut global greenhouse gas emissions by 500 million tonnes.